LONDON (Alliance News) - iEnergizer Ltd said Monday that it has entered into a credit agreement for a new USD45.5 million five-year senior secured term loan facility with Main Street Capital Corp, CSWC Capital Southwest and HMS Funding I LLC.
The loan will allow the company to reinstate a dividend policy, iEnergizer said, adding that further details will be provided at the final results for the year ended March 31 expected in June.
The loan along with the cash available with the company has been used to refinance and pay off in full the outstanding debt of USD45.1 million which was due to mature in May 2019.
"We are delighted to have secured this new long-term debt arrangement on commercially attractive returns. The removal of covenants restricting the company's ability to pay a dividend was a priority for the company, so we can immediately reinstate a dividend," Chair Marc Vassanelli said.
Shares in iEnergizer were trading 4.7% higher at 199 pence each.